Intel Aside

So the chipmaker's news was less than stellar -- that's no reason to run from telco and Net stocks.
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Sometimes quarters, like political news, lend themselves to instant analysis. Like this

Intel

(INTC) - Get Report

quarter: "light on the top-line, better gross margins, disappointing showing."

I know, if you are long Intel, as I am, you want to hear: "blowout quarter, fabulous gross margins, fantastic showing."

We didn't get it. Sure, if you work at Intel you will be disappointed with that instant analysis. Heck, I've got

3Com

(COMS)

guys telling me that the company is going great guns, so everything is indeed relative.

But this Intel quarter won't do anything to dispel worries that the personal computer industry is in some sort of downturn. I know this game plan sounds tired and worn, but on a selloff involving personal computer tech, I am going to buy telco-tech and Net tech.

Nothing on this Intel call will dissuade me from taking

Cisco

(CSCO) - Get Report

on weakness Wednesday, and nothing on this call will make me panic out of

America Online

(AOL)

.

How long can this trichotomy last? Pretty simple. It just began. Give it some time.

Random musings:

Disturbing trading day. Couple of

Dow

stocks and a sprinkling of Net stocks traded well, and the advance-decline wasn't bad. But unless you had

E*Trade

(EGRP)

, I don't know if you made much money.

Another reporter on the line telling me about how I am unethical to trade and write. When will the press ever tire of that story? One day, one fine day, a reporter is going to actually read my stuff like what I wrote here and say "man, I know that Cramer is a corrupt son of a gun, but why does he write bad things about Intel if he is long it?"

Until then, my buddy

Kafka

rules.

James J. Cramer is manager of a hedge fund and co-founder of TheStreet.com. At time of publication, his fund was long Cisco, America Online and Intel, although positions can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Cramer's writings provide insights into the dynamics of money management and are not a solicitation for transactions. While he cannot provide investment advice or recommendations, he invites you to comment on his column at

letters@thestreet.com.